Core Insights - The strategic cooperation between Changchun Jingyue High-tech Zone and Fengfei Aviation Technology aims to develop a large eVTOL operational demonstration area and urban air traffic system, focusing on intercity logistics and aerial passenger transport [1][2][3] Group 1: Strategic Cooperation - The partnership will expand low-altitude economic applications in a phased manner, prioritizing cargo transport before passenger transport, and ensuring safety [1] - Changchun Jingyue High-tech Zone will procure eVTOL products such as the Kerry O V2000CG and Shengshi Long V2000EM to enhance logistics and air transport capabilities [1] - Fengfei Aviation Technology plans to establish an eVTOL assembly line in Changchun, which will include marketing, test flights, after-sales service, maintenance, and training [1][2] Group 2: Industry Development - Changchun Jingyue High-tech Zone has been recognized as a founding city in the national "Smart Unmanned System City Alliance" and is a pilot for the "Low-altitude Economy Regulatory Sandbox" [2] - Fengfei Aviation Technology, established in 2017, is a global eVTOL technology company that has achieved significant milestones, including the first ton-level eVTOL airworthiness certification and a record 250 km cross-sea flight [2] - The collaboration includes partnerships with various institutions to enhance low-altitude economic infrastructure, data configuration, application scenarios, and industry standards [3]

Investment Rating - The report maintains a "Recommendation" rating for the low-altitude economy sector [1] Core Insights - The report highlights the acquisition of Dongjin Aviation Technology by Suzhou Planning, emphasizing the strategic importance of integrating ground and airspace planning capabilities to create a competitive air-ground integrated solution [3][14] - The report notes significant collaborations and orders announced by multiple eVTOL companies during the China International Import Expo, indicating a growing interest and investment in the low-altitude economy [33][40] - The report suggests that the low-altitude economy is entering a rapid development phase, with a focus on infrastructure and digitalization [22][47] Summary by Sections Industry Overview - The low-altitude economy sector includes 121 listed companies with a total market capitalization of approximately 34,574.89 billion [1] - The Huachuang Transportation Low Altitude 60 Index has shown a year-to-date increase of 16.1%, although it experienced a weekly decline of 1.4% [54][55] Acquisition Details - Suzhou Planning plans to acquire 100% of Dongjin Aviation Technology for a total transaction price of 250 million, with a share issuance price of 17.97 per share [6][8] - The acquisition aims to enhance the capabilities of both companies in low-altitude digitalization and infrastructure construction [14][21] Financial Performance - Dongjin Aviation Technology reported revenues of 37.51 million, 45.67 million, and 23.19 million for the years 2023, 2024, and the first half of 2025, respectively, indicating a growth trajectory in low-altitude infrastructure [22][23] - Despite the revenue growth, Dongjin Aviation Technology remains in a loss position, with a loss of 3.46 million in the first half of 2025 [22][24] Market Developments - The report identifies key players in the low-altitude economy, including manufacturers, supply chain participants, and digitalization firms, suggesting a comprehensive approach to investment in the sector [62][63] - The report emphasizes the importance of large-scale application scenarios and market awareness in enhancing the perception of the low-altitude economy [47][53]

Core Viewpoint - The eighth China International Import Expo showcases the growing appeal of Chinese manufacturing in the global low-altitude economy market, highlighted by new orders and collaborations from various low-altitude economy enterprises [1] Group 1: Event Highlights - The "air taxi" exhibition booth attracted numerous visitors, indicating strong interest in low-altitude economic innovations [1] - Several low-altitude economy companies secured new orders and partnerships during the expo, demonstrating the sector's growth potential [1] Group 2: Company Developments - A technology company announced the establishment of its headquarters and manufacturing base in Shanghai, marking a significant investment in the region [1] - Collaborations were formed with Huamo Technology and AVIC for simulation training and core systems, enhancing the company's technological capabilities [1] - The company received delivery of avionics and flight control systems from the Xi'an Aviation Computing Technology Research Institute, further strengthening its operational framework [1] Group 3: Industry Perspective - The expo serves as a platform for showcasing innovative achievements and fostering global cooperation in the low-altitude economy sector [1]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The low-altitude economy is experiencing significant growth, with multiple orders signed at the China International Import Expo, indicating strong market demand and potential for future expansion [17][19] - Strategic collaborations, such as the partnership between Shenzhou Car Rental and Volant, are enhancing the integration of ground and air transportation services, which is expected to improve operational efficiency and customer experience [23] - The establishment of manufacturing bases and headquarters in Shanghai by companies like Shizhi Technology is expected to drive the development of the advanced manufacturing industry in the Yangtze River Delta region [25] Summary by Sections 1. Weekly Sector Review - The average weekly change for the low-altitude economy sector was +0.3%, with Wanzhe Co. leading the gains at +30.3% [4][10] - The top five gainers included Wanzhe Co. (+30.3%), Keli Co. (+17.5%), and Yunlu Co. (+16.1%), while the top five losers included Hangxin Technology (-17.2%) and Lingnan Holdings (-10.6%) [10][12] 2. Industry Dynamics - Shenzhou Car Rental and Volant signed a strategic cooperation agreement to develop a "ground + air" commuting solution, marking a significant step in the integration of transportation services [23] - On November 8, Jinan signed contracts for eight low-altitude economic projects, including the AS700 manned airship delivery center, which will support low-altitude tourism and emergency command scenarios [24] 3. Individual Company Developments - Shizhi Technology announced the establishment of its headquarters and manufacturing base in Shanghai, securing a 700 million yuan credit line and signing a procurement agreement for 100 eVTOLs [25] - Volant signed agreements for 95 eVTOLs at the Import Expo, totaling 2.375 billion yuan, and secured a high-level commercial passenger eVTOL order [26] - Yufeng Future showcased its upgraded passenger eVTOL product and signed intention orders for 200 eVTOLs, exceeding 2 billion yuan in total [27]

11月8日，2025无锡锡山金秋招商合作恳谈会举行。来自国内外知名企业、机构智库、高校院所、金融 机构的250余名嘉宾齐聚一堂，共商合作、共谋发展。 年产1000台10MW以上级风电齿轮箱精密零部件研发及制造基地项目、帆软软件总部及研发生产基地项 目、香港新奥能源投资及运营管理项目等7个重大项目进行现场签约。此外还展示了京东狼族机器人全 球智能工厂项目、松瓷新能源和半导体先进装备研发制造基地项目、中微龙图先进射频芯片晶圆制造及 高端射频模组系统化集成制造项目等一批项目。 无锡市副市长孙玮在致辞中说，锡山是无锡东向融入上海大都市圈的"桥头堡"，近年来聚焦"四新四 强"产业集群，吸引集聚了一批大企业、好项目、高平台，成为企业家投资兴业、科学家创新创业、投 资家落子加码的"乐土"和"高地"。希望锡山持之以恒"抓大项目、大抓项目"，扎扎实实推进签约的重大 项目加快落地，全力打造国内一流、具有国际影响力的现代化产业强区。 这些项目，既有对新能源、集成电路、生物医药等战略性新兴产业的强链补链延链，也有对人形机器 人、低空经济等未来产业的抢滩布局。下一步，锡山将持续深化沟通对接、优化跟踪服务，全力推动签 约项目早开工、早建 ...

Core Insights - The 8th China (Jinan) New Kinetic Energy Innovation and Entrepreneurship Competition was held on November 8, featuring 18 units from the commercial aerospace and low-altitude economy sectors [1] - A total of 16 key projects in commercial aerospace and low-altitude economy, along with 2 industrial funds, were signed, with a planned total investment of 7.768 billion yuan for the projects and a total scale of 10 billion yuan for the funds [1] Group 1: Investment Projects - The signing included 8 low-altitude economy projects and 8 aerospace projects, indicating a balanced focus on both sectors [3] - The 16 key projects are expected to inject new vitality into the industrial development of Jinan [1] Group 2: Industrial Funds - Jinan initiated a 5 billion yuan phase of a 50 billion yuan aerospace information industry fund, targeting advanced manufacturing and information technology related to the aerospace sector [3] - A 10 billion yuan phase of a 50 billion yuan low-altitude economy industry fund was also established, focusing on complete machine manufacturing and core components in the low-altitude economy [4] - The establishment of these funds aims to attract leading enterprises in the aerospace and low-altitude economy to Jinan, enhancing the local industrial ecosystem [4]

Core Insights - Minhang District has achieved significant economic milestones, with a GDP surpassing 400 billion yuan and total fiscal revenue exceeding 90 billion yuan, ranking second in Shanghai [1] - The district's leadership emphasizes its strategic location as a vital hub connecting the Yangtze River Delta and the global market [1] Economic Development - Minhang has maintained a research and development expenditure of approximately 8% of its GDP, leading the city in this regard, reflecting a long-term commitment to investment in innovation [3] - The district has received 13 national science and technology awards and 210 municipal awards during the 14th Five-Year Plan period, showcasing its focus on fostering specialized and innovative enterprises [3] - The establishment of the "Haijuyingcai" entrepreneurship park aims to support talent and innovation through various zero-cost and zero-burden initiatives [3] Industrial Growth - Minhang is actively developing three major industrial clusters: advanced energy equipment and green low-carbon, aerospace, and biomedicine [3] - The "Brain-Intelligence World" industrial park, dedicated to brain-computer interface technology, is under construction, covering an area of 100,000 square meters and attracting 10 companies in the sector [3][4] Strategic Initiatives - The "Greater Hongqiao" initiative has positioned Minhang as a key player in internationalization and dual circulation, with significant growth in the Hongqiao International Central Business District [5][6] - The district has seen the establishment of 28,000 enterprises, including 275 headquarters, with tax revenues exceeding 10 billion yuan for two consecutive years [5] Innovation and Collaboration - Minhang aims to create a world-class innovation bay area, with the establishment of a 10 billion yuan "Dalinghao Bay Technology Innovation Fund" to support technological advancements [7] - Collaboration with local universities has led to the establishment of nearly 200 companies focused on compliance entrepreneurship, enhancing the region's innovation ecosystem [7] Future Vision - Minhang's future goals include becoming an international open hub, a source of technological innovation, a highland for new industrial chains, and a model for urban living [7]

Core Insights - The "low-altitude economy" is gaining significant attention, being included in government work reports and strategic development plans, highlighting its potential as a key emerging industry during the expo [2][3]. Group 1: Industry Developments - The eighth China International Import Expo showcased various eVTOL (electric vertical takeoff and landing) products from companies like Yufeng Future, Volant, and Shidi Technology, indicating a shift towards practical air transportation solutions [2][3]. - Yufeng Future presented its upgraded "air taxi" M1, featuring a wingspan of 15 meters, a length of 10 meters, and a maximum takeoff weight of 2.5 tons, capable of carrying five passengers with a range of 250 kilometers on a single charge [3][5]. - Tianling Technology introduced the world's first full-size tilt-duct eVTOL, the INFLYNC L600, which can cover a distance of 600 kilometers at a cruising speed of 360 kilometers per hour, aiming to integrate air travel into everyday life [7]. Group 2: Market Opportunities - The pricing for urban routes starts at 50 yuan, while intercity routes range from 100 to 300 yuan, with travel times significantly reduced compared to traditional transport methods [5][6]. - Yufeng Future anticipates that the cost of air travel will eventually align with taxi fares, enhancing travel efficiency and accessibility [5][6]. - Shidi Technology is promoting low-altitude travel solutions along the Belt and Road Initiative, aiming to create a global "air silk road" strategy [10]. Group 3: Partnerships and Orders - Multiple companies signed agreements at the expo, covering financial leasing, operational services, and international expansion, facilitating the commercial viability of eVTOL operations [11][12]. - Volant signed contracts for 95 aircraft worth 2.375 billion yuan, indicating strong demand and confidence in the eVTOL market [12]. - Shidi Technology secured an order for 100 E20 eVTOLs from ICBC Financial Leasing, with plans for commercial operation and global market expansion [13].

"八载同行，德勤与进博会一同成长，见证了进博会这棵全球企业的'幸运草'不断茁壮成长。参与进博 会的企业越来越多了，今年有155个国家、地区和国际组织参与，4108家境外企业参展，这体现了国际 社会对中国经济的坚定信心。"日前，德勤中国主席蒋颖在接受《中国经营报》记者专访时，如是阐述 了德勤作为进博会"老朋友"的深度参与和感受。 "回溯2018年，德勤以'勤启数智'为主题参加第一届进博会，向大众展示由德勤研发的数十款在人工智 能、云计算、大数据分析等领域最前沿的解决方案。"蒋颖回忆道。 上述传统一直延续至今，德勤中国每次都会在进博会带来首发报告和新理念，并发表许多专业的洞察和 见解。今年进博会，德勤中国以"众行致远"为主题参展，并展示了一系列创新解决方案。比如，在进博 会期间举办的"可持续消费论坛——科技与可持续赋能高品质消费新征程"论坛上，德勤首发《2025德勤 全球⼈⼯智能在消费品及零售⾏业的应⽤趋势》报告。 （德勤中国主席蒋颖。受访者供图） 中经记者 夏治斌 石英婧 上海报道 回顾参展历程，蒋颖分享了公司在服务理念上的升级。她告诉记者："八年来，德勤的参展主题不断拓 展，从中企出海到跨国企业引进来，从可持 ...

Core Insights - The eighth China International Import Expo is showcasing advancements in the low-altitude economy, with new technologies and expanding development space [1] - Several companies in the eVTOL sector are securing new orders and partnerships, indicating a growing market presence [2][6] Company Developments - Tianling Technology made its global debut with the eVTOL model, featuring a maximum range of 600 kilometers and a cruising speed of 360 kilometers per hour, capable of carrying one pilot and five passengers [2][3] - Yufeng Future received 200 intent orders for its upgraded eVTOL M1 model, totaling over 2 billion yuan, with plans for international expansion [6][8] - Volant signed a confirmation order for the VE25-100 aircraft, marking significant international orders with companies in Dubai and Germany [8] Financial and Investment Activity - Tianling Technology secured 300 million yuan in B++ round financing, marking its seventh round of funding [8][11] - The low-altitude economy is projected to grow significantly, with estimates suggesting a potential market size increase from hundreds of billions to trillions of yuan over the next five years [16] Industry Trends and Collaborations - The low-altitude economy is being integrated into national planning, with a focus on building a comprehensive ecosystem involving supply chains and technological advancements [9][11] - Companies are forming strategic partnerships to enhance eVTOL systems, training, and regulatory compliance, indicating a collaborative approach to industry growth [11][13] - The development of hydrogen-powered eVTOLs is being explored, showcasing innovation in sustainable aviation technology [13] Market Outlook - Experts suggest that the "DeepSeek moment" for the low-altitude economy is approaching, with increasing orders and advancements in regulatory approvals expected within the next couple of years [14][15] - The industry is currently valued at around 100 billion yuan, with aspirations for substantial growth driven by technological maturity and supportive policies [16]